Sunday, June 15, 2025
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Leasing ActivityMixed-UseNorth CarolinaOfficeRestaurantRetailSoutheast

Seven New Tenants Join 92-Acre Fenton Development in Cary, North Carolina

by John Nelson

CARY, N.C. — Two new retailers and five office users have signed on to join the tenant roster at Fenton, a 92-acre mixed-use development in the Raleigh suburb of Cary. The nearly $1 billion development is co-owned by Hines and Columbia Development. The new retailers, Brewery Bhavana and Vega Vitality, plan to open their locations at Fenton before the end of the year. Two other retailers opened in late 2023: Johnny Was and Rejuvenation. Bruce Koniver of Odyssey Retail Advisors is leading Fenton’s retail leasing, which is currently 94 percent committed. The five companies that signed office leases at Fenton include Cushman & Wakefield, IPS, Prologis, AIMA and Surety Systems. The property’s office component currently spans 200,000 square feet, with future phases allowing up to 1 million square feet.

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AlabamaDevelopmentRetailSoutheast

Food City Affiliate Buys Land in Huntsville, Plans New Grocery Store

by John Nelson

HUNTSVILLE, ALA. — An affiliate of grocer Food City has purchased two acres in Huntsville from The Beach Co. The entity is Marathon Realty Corp., a real estate subsidiary of Food City parent company K-VA-T Food Stores Inc. The site is located between The Foundry, The Range and Stovehouse along Governors Drive and will be connected to the developments via a 10-foot-wide pedestrian sidewalk. Marathon Realty plans to break ground on the new store next quarter with plans for an early 2025 opening. Last year Marathon Realty entered into a development agreement with the City of Huntsville to develop six new Food City grocery stores in the greater Huntsville area.

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DevelopmentFloridaHospitalitySoutheast

Rentyl Resorts to Develop 44-Room Boutique Hotel in Miami Beach

by John Nelson

MIAMI BEACH, FLA. — Rentyl Resorts plans to develop a 44-unit boutique hotel at 2814 Collins Ave. in Miami Beach. Upon completion, the hotel will feature ground-level restaurants and entertainment venues, as well as direct beach access. The project is a partnership between Rentyl, DaVinci Hospitality Group and Ferrari Group. The construction timeline and name for the new hotel were not disclosed.

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Leasing ActivityOfficeSoutheastVirginia

KPMG Signs 13,044 SF Office Lease at Town Center of Virginia Beach

by John Nelson

VIRGINIA BEACH, VA. — KPMG LLP, one of the “Big Four” audit, tax and advisory firms, has leased 13,044 square feet of office space at Town Center of Virginia Beach, a 25-acre mixed-use district in Virginia Beach. The firm will move into its space at the development’s 23-story office tower this month. Divaris Real Estate represented the landlord and developer, locally based Armada Hoffler, in the lease negotiations. Cushman & Wakefield | Thalhimer represented KPMG. The new lease brings Town Center of Virginia Beach’s office component, which spans 800,000 square feet, to 98 percent occupancy, according to Armada Hoffler.

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AcquisitionsCompany NewsIllinoisIndustrialMidwestSelf-Storage

Inland Agrees to Acquire Majority Interest in Devon Self Storage

by Kristin Harlow

OAK BROOK, ILL. — The Inland Real Estate Group of Cos. Inc. has agreed to acquire a majority interest in the business of Devon Self Storage Holdings LLC. Financial terms of the agreement were not disclosed. Devon manages 202 properties totaling roughly 109,000 units nationally. Founded in 1988 by Ken Nitzberg, Devon has owned, managed or developed more than 350 self-storage facilities in 27 states and three European countries throughout its history. Since entering the self-storage sector in 2016, Oak Brook-based Inland has amassed a $1.7 billion self-storage portfolio of both stabilized assets and development projects across 30 states. Inland plans to grow Devon’s third-party management and development platform.

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DevelopmentKansasMidwestOffice

Vantage Point to Develop 145,000 SF Office Phase of The Quarry Mixed-Use Development in Lenexa, Kansas

by Kristin Harlow

LENEXA, KAN. — Vantage Point Properties has unveiled plans to develop the office phase of The Quarry mixed-use development in Lenexa. The three-building project will include 145,000 square feet of Class A office space. The overall development was originally announced as Reflections at City Center in summer 2022. The name evolved as a result of the geologic and design characteristics of the property, according to Paul Jackson, CEO of Vantage Point. “As we began our site work for the apartment portion of the project, we unearthed large limestone boulders that we decided would be fun and unique to use in our central park area and around the site. That process took on a life of its own, and we decided to change the development name accordingly.” As a salute the original project name, the apartment complex has been named Reflections Apartments. The 338-unit complex is slated for completion in summer 2025. The office portion of The Quarry will include three buildings totaling 25,000 square feet, 55,000 square feet and 65,000 square feet. The 25,000-square-foot building offers drive-thru availability for a potential bank tenant. Rooftop space opportunities or balcony availabilities are options for full-floor tenants as are exterior signage opportunities with …

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DevelopmentIllinoisMidwestRetail

NewQuest Asia-Pacific Retail to Redevelop 140,892 SF Shopping Center in Naperville, Illinois

by Kristin Harlow

NAPERVILLE, ILL. — NewQuest Asia-Pacific Retail is scheduled to break ground in February on the redevelopment of a former Dominick’s-anchored shopping center in Naperville. The Houston-based developer acquired the 140,892-square-foot property eight months ago in an off-market transaction. The 27-year-old center is 35 percent leased. NewQuest Asia-Pacific Retail specializes in development opportunities in markets with high Asian populations. The developer plans to reposition the Naperville shopping center with an Asian focus and incorporate green spaces. To date, roughly 62,000 square feet of leases are in various stages of negotiations, including a commitment from a specialty grocer. Teso Life, a Japanese fashion casual store, is leasing 18,016 square feet. Completion is slated for summer 2025. Nearly 20 percent of Naperville’s population is Asian, according to NewQuest.

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AcquisitionsIllinoisMidwestRetail

Quantum Brokers Sale of 10,600 SF Dollar General-Occupied Property in Rockford, Illinois

by Kristin Harlow

ROCKFORD, ILL. — Quantum Real Estate Advisors Inc. has brokered the sale of a recently developed property occupied by Dollar General in Rockford for an undisclosed price. Constructed in 2021, the freestanding building totals 10,600 square feet. Dan Waszak of Quantum represented the buyer, a New York City-based investor. The seller was a Midwest-based developer.

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Affordable HousingLoansMidwestMultifamilyOhio

BWE Arranges $1.1M Loan for Construction of 40-Unit Affordable Seniors Housing Project in East Canton, Ohio

by Kristin Harlow

EAST CANTON, OHIO — BWE has arranged a $1.1 million loan for the construction of HOPE Senior Village in East Canton, about 30 miles southeast of Akron. Bob Morton of BWE structured the USDA RHS 538 GRRHP loan, which features a 40-year, fixed-rate term and a 40-year amortization schedule. The development will consist of eight buildings, each containing five one- and two-bedroom units. Of the 40 units, seven are designated for residents earning up to 30 percent of the area median income (AMI), 17 are reserved for those earning up to 50 percent AMI and 16 are designated for residents earning up to 60 percent AMI. The project received additional financing through the use of 9 percent Low-Income Housing Tax Credits.

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Gateway-University-Park-I-II-Tempe-AZ
AcquisitionsArizonaIndustrialWestern

BKM Capital Partners Acquires Gateway University Industrial Parks in Tempe, Arizona for $48M

by Amy Works

TEMPE, ARIZ. — BKM Capital Partners has purchased two multi-tenant industrial parks in Tempe for $48 million, or $178.80 per square foot, from Stockbridge Capital Group. The properties, Gateway University Park I & II, total 268,409 square feet of industrial space. At the time of sale, the asset was 99 percent leased to 77 tenants. Located at 1605-1635 and 1705-1797 W. University Drive, the assets consist of 16 tilt-up buildings offering 81 units that range in size from 1,712 square feet to 22,352 square feet. Built in 1982 and 1983, the properties feature two dock-high and 106 ground-level loading doors, 16-foot to 22-foot clear heights and a parking ratio of 3.73 per 1,000 square feet. BKM plans to implement a $2.4 million capital improvement plan to update the asset’s efficiency and bring the building up to the brand’s standards. Planned improvements include upgrades to the roofs, parking lots, landscaping, HVAC systems, signage and paint scheme. Will Strong, James Carpenter, Kirk Kuller, Robert Buckley, Tracey Cartledge, Michael Matchett and Molly Hunt of Cushman & Wakefield represented BKM in the transaction.

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